Popular Finance scam: Enforcement Directorate confiscates assets worth Rs 31 cr

KOCHI: The Enforcement Directorate (ED) has seized assets worth Rs 31 crore from the accused in the Popular Finance fraud case. The buildings, land and ten luxury cars of the Popular Group in Kerala, Tamil Nadu and Andhra Pradesh were confiscated.

The value of the cars is Rs 2 crore. The value of gold kept in various institutions is 14 crores. Fixed deposits in the bank along with other assets amounting to Rs 31 crore. The ED found that the Popular Group had transacted around Rs 2,000 crore. There are irregularities in 270 branches across the country. Gold and cash have been purchased from more than 1600 people.

On August 9, the ED arrested MD Thomas Daniel and his daughter, Renu Mariam, accused in the Popular Finance fraud case. ED conducted a parallel investigation into the case and collected evidence. Copies of important documents and electronic evidence, financial transactions, land transactions, information on existing land and other assets were examined.